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Wedbush initiates coverage on Citizens Financial Group (NYSE: CFG) with a Outperform rating and a price target of $29.00.

Analyst Peter Winter commented, "CFG is our top turnaround story. CFG has been generating positive operating leverage at a faster pace than peers, which is driving improvement in key metrics like ROA, ROE and efficiency ratio. Importantly, we expect these trends to continue as we are forecasting above-average EPS growth in 2017 and 2018 at 12% and 11%, respectively vs. the regional bank peers at 5% and 9%. Importantly, although CFG is very asset sensitive, the stock is more than just a rate play as growth has been driven organically."

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